Dar Al Arkan Real Estate Development Co, Saudi Arabia’s largest developer by market value, posted a 29 percent fall in fourth quarter net profit which came in ahead of analysts’ average forecasts.
The residential developer, which has to pay back a $1bn sukuk next year, made a net profit of $88.1m after $123.7m a year earlier, it said in a statement on the bourse website.
Analysts surveyed by Reuters had expected net profit of $77.7m.
Operating profit fell by 32 percent to $93.3m in the quarter.
The firm blamed a lower sales volume for the profit fall in 2010 but gave no details.
Dar Al Arkan said in November it did not rule out having to sell some assets to help repay a $1bn Islamic bond, or sukuk, maturing in 2012.
Bankers said Dar Al Arkan raised less than it had targeted after a lengthy roadshow.
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